SongSu Manufacturing issued 200,000 shares of the company. Shares outstanding is 150,000. Treasurystock is calculated as issued shares minus outstanding shares assuming none of the stocks bought backare retired. True False

The objective of the question is to verify the statement about the calculation of treasury stock.…

Answered: SongSu Manufacturing issued 200,000…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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MJH Company issued 1000 shares of stock with a stated value of $10 per share for $17,000. The entry to journalize this would include: a credit to common stock of $10,000 a debit to common stock of $10,000 none of the above a credit to cash of $17,000
Home Life, Inc. issued 750 shares of no-par common stock, with no stated value, for $120 cash per share. The journal entry to record this transaction is: A) B) C) D) Cash Cash Cash Cash Common Stock Paid-in Capital in Excess of Par Value Common Stock Paid-in Capital in Excess of Par Value Paid-in Capital in Excess of Par Value Common Stock 90,000 90,000 90,000 90,000 30,000 60,000 1,200 88,800 90,000 90,000 Listen
Prior to May 1, Fortune Company has never had any treasury stock transactions. The company repurchased 230 shares of its common stock on May 1 for $11,500. On July 1, it reissued 115 of these shares at $53 per share. On August 1, it reissued the remaining treasury shares at $48 per share. What is the balance in the Paid-in Capital, Treasury Stock account on August 2? Multiple Choice O O $11,615. $6,095. $15,410. $115. $0.
Ehrlich Corporation's common stock had a $10 par value and the preferred stock had a $50 par value. Journalize the following independent transactions: a. Issued 600 shares of common stock for equipment. The equipment had been appraised at $7,100; the seller's book value was $6,200. The most recent market price of the common stock is $16 a share. b. Issued 375 shares of common and 100 shares of preferred for a lump sum amounting to $10,800. The common had been selling at $14 and the preferred at $65. c. Issued 200 shares of common and 50 shares of preferred for equipment. The common had a fair value of $16 per share; the equipment has a fair value of $6,500.
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On September 1, Reedy Company has 500,000 shares of $30 par value ($330 market value) common stock that are issued and outstanding. Its balance sheet on that date shows the following account balances relating to its common stock: Common stock 15,000,000 Paid-in capital in excess of par value 9,000,000 On September 2, Reedy splits its stock 3-for-2 and reduces the par value to $20 per share. How many shares of common stock are issued and outstanding immediately after the stock split? a. 500,000 shares b. 333,333 shares C. 750,000 shares d. 15,000,000 shares
Prepare the journal entry to record Autumn Company's issuance of 68,000 shares of no-par value common stock assuming the shares: a. Sell for $31 cash per share. b. Are exchanged for land valued at $2,108,000.
On May 1, Z Company repurchased (bought back) 12,000 shares of its own $2 par common stock as treasury stock at a cost of $10 per share. On September 1, Z Company resold 5,000 shares of its treasury stock when the market prices was $15 per share. What is the ending balance in Treasury Stock? What is the ending balance in in the Paid-In Treasury Stock?
The following cases are independent. Case A Jethrow Ltd. had 1,700,000 common shares outstanding on 1 January 20x2. • On 27 February 207,000 shares were issued for $57 each.. • 307,000 shares were issued on 1 August. A 2-for-1 stock split was distributed on 30 August. Case B On 1 January 20X7, Doomsday Corp. had 207,000 nonvoting Series A shares and 607,000 Series 8 voting shares outstanding. Series A shares have a $3 per share cumulative dividend paid quarterly and are convertible into two Series B shares at any time after 31 December 20x9. On 1 October 20x7, 30,700 Series A shares were converted to B shares. ⚫ On 1 December 20x7, 79,000 Series 8 shares were retired for cash. Required: For each case, calculate the number of weighted-average ordinary shares to use in the calculation of basic EPS. Assume a 31 December year-end. (Do not round Intermediate calculations. Round your answers to the nearest whole number.) Number of shares Case A Case B 2,738,417 615,767
A company issues 10,000 shares of its own $10 par value common stock to the public for $19 per share. Later, 1, 000 of these shares are bought for $21 per share as treasury stock. Which of the Losses on the resale of these shares would impact reported net income for the year although gains would not The par value method and the cost method have the same total impact on stockholders equity Because this is a stock transaction, retained earnings cannot be affected by a re - issuance of these shares
Novak Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $125,000. a. b. Prepare the journal entry for the issuance when the market price of the common shares is $181 each and market price of the preferred is $226 each. Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $220 per share.

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SongSu Manufacturing issued 200,000 shares of the company. Shares outstanding is 150,000. Treasury stock is calculated as issued shares minus outstanding shares assuming none of the stocks bought back are retired. True False